ASSIGNMENT:

This was a cash out refinance transaction for a client with whom we have financed multiple apartment buildings. We last financed this building back in 2023 and since that time the borrower made many improvements to the property and had substantially increased rents. Great person we appreciate being part of his team.

CHALLENGE:

The only challenge we had with this transaction was that the borrower was getting tight on meeting the lenders required Global DSCR.

SOLUTION:

We structured a new 5-yr fixed with the existing lender at a good rate, and by doing so they agreed to waive all current prepay penalties. Also helped them get some cash out and the new loan program had no prepay penalties. Customer Loyalty can never be under appreciated!